Oceanus Resources to advance gold exploration programme in Mexico

10 February 2014 (Last Updated February 10th, 2014 18:30)

Canada-based Oceanus Resources is furthering its exploration programme at La Lajita property, which is located in the Sierra Madre gold and silver belt near Durango, Mexico.

Canada-based Oceanus Resources is furthering its exploration programme at La Lajita property, which is located in the Sierra Madre gold and silver belt near Durango, Mexico.

The La Lajita property includes 12 mining concessions covering an area of 3,200ha.

Field crews have been mobilised to the location site and are preparing to drill.

Oceanus has awarded the drilling contract to Oretest SpA Drilling Services.

The drilling targets are at the high-grade Santa Nino clavos and the Dos Hermanos zone, as both sites indicated excellent results during the first round of drilling in 2013.

The purpose of this year's drilling programme is to test for high-grade gold along strike and down dip at the Santo Nino and Dos Hermanos zones.

The company has planned for five to ten drill holes for each of the targets.

In 2013, the company found a high-grade clavos with visible gold at the Santo Nino zone, which is usually associated with a greenish colored quartz in the high-grade interval.

The drill programme in 2013 indicated 7.1g per tonne of gold and 48.8g per tonne of silver over a core length of 20m, including 18.9g per tonne of gold and 71.3g per tonne of silver over a core length of 6.5m, in diamond drill hole OCN-13-005 at the zone.

At the La Lajita property, about seven epithermal low-sulphidation gold and silver prospects with considerable hematite and silica alteration are hosted along NW-SE trending fault-breccia structures.

These have been found over a strike length of 2km and to a depth of 150m.

One of the prospects, Mina la Guadalupe, has gold mineralisation for 200m on surface in several small-scale workings.

Oceanus plans to raise funds of upto $1.5m through a non-brokered private placement financing.

The funds will be used to conduct the drilling programme at the La Lajita Gold property and for general working capital.

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